Iceland's net secondary income (net current transfers from abroad) (current LCU) was -52.85 billion in 2024, the latest year in the World Bank's World Development Indicators. That is down 382.96% from -10.94 billion in 2014.
Key figures
| Value | Year | |
|---|---|---|
| Latest | -52.85 billion | 2024 |
| Five years earlier | -24 billion | 2019 |
| Ten years earlier | -10.94 billion | 2014 |
| Highest | 9.66 billion | 2007 |
| Lowest | -52.85 billion | 2024 |
| Average since 2015 | -28.6 billion | 2015–2024 |
| First recorded | -517 million |
What the numbers say
In 2024, Iceland's net secondary income (net current transfers from abroad) (current LCU) fell 9.07 billion on 2023 (from -43.77 billion to -52.85 billion).
Across the 23 yearly changes before that (2001 to 2023), the average change was −1.88 billion and a typical year strayed about 8.35 billion from that (the standard deviation). This year's change was 0.9 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 26.7 billion in 2016 and the biggest yearly fall was 21.55 billion in 2015. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2015 to 2024 the straight-line trend is downward, about 3.83 billion a year. A straight line explains 63% of the movement over 10 observed years.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2024, Iceland had the 49th highest value of the 54 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
Closest to Iceland in the 2024 ranking
- United Kingdom — 46th of 54: -17.71 billion
- Macao SAR, China — 47th of 54: -29.31 billion
- France — 48th of 54: -49.83 billion
- Czechia — 50th of 54: -80.03 billion
- United Arab Emirates — 51st of 54: -246.3 billion
- United States — 52nd of 54: -273.12 billion
What this measures
Net secondary income (from abroad) comprises transfers of income between residents of the reporting country and the rest of the world that carry no provisions for repayment. Net secondary income is equal to the unrequited transfers of income from nonresidents to residents minus the unrequited transfers from residents to nonresidents. This indicator is expressed in current prices, meaning no adjustment has been made to account for price changes over time. This series is expressed in local currency units.
All 25 values
| Year | Net secondary income (net current transfers from abroad) (current LCU) |
|---|---|
| 2024 | -52,845,000,000 |
| 2023 | -43,772,000,000 |
| 2022 | -39,696,000,000 |
| 2021 | -32,737,000,000 |
| 2020 | -24,472,000,000 |
| 2019 | -24,002,000,000 |
| 2018 | -18,063,000,000 |
| 2017 | -12,110,000,000 |
| 2016 | -5,790,000,000 |
| 2015 | -32,488,000,000 |
Net secondary income (net current transfers from abroad) (current LCU) in nearby economies
- Albania — 132.86 billion (2025)
- Armenia — 134.65 billion (2025)
- Austria — -3.14 billion (2024)
- Azerbaijan — 1.26 billion (2025)
- Belarus — 3.32 billion (2025)
- Belgium — -10.14 billion (2024)
- Bosnia and Herzegovina — 5.6 billion (2025)
- Bulgaria — 1.33 billion (2025)
- Croatia
More economic policy & debt data for Iceland
- Total reserves, including gold (current US$) — US$7.73 billion (2025)
- Total reserves, excluding gold (current US$) — US$7.45 billion (2025)
- GDP (current US$) — US$38.58 billion (2025)
- GDP (current LCU) — 4.96 trillion (2025)
- GDP (constant 2015 US$) — US$23.12 billion (2025)
- GDP (constant LCU) — 3.59 trillion (2025)
- GDP per capita (current US$) — US$98,324 (2025)
- GDP per capita (current LCU) — 12.63 million (2025)
- GDP per capita (constant 2015 US$) — US$58,910 (2025)
- GDP per capita (constant LCU) — 9.14 million (2025)
- GNI (current US$)
Reading data like this
Questions people ask
- What is Iceland's net secondary income (net current transfers from abroad) (current LCU)?
- -52.85 billion in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 2000?
- It is down 10,121% from -517 million in 2000. The highest value was 9.66 billion in 2007 and the lowest -52.85 billion in 2024.
- How does Iceland rank?
- 49th highest of 54 economies with data for 2024.
- Is the latest change in net secondary income (net current transfers from abroad) (current LCU) unusual for Iceland?
- In 2024, Iceland's net secondary income (net current transfers from abroad) (current LCU) fell 9.07 billion on 2023 (from -43.77 billion to -52.85 billion). Across the 23 yearly changes before that (2001 to 2023), the average change was −1.88 billion and a typical year strayed about 8.35 billion from that (the standard deviation). This year's change was 0.9 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
Source
World Bank, World Development Indicators, indicator NY.TRF.NCTR.CN, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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